New York, USA, July 13, 2023 (GLOBE NEWSWIRE) -- Telemedicine Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Telemedicine Market Information By Component, By Type, By Deployment, By End User, By Region - Forecast Till 2032, the market size was valued at USD 67.3 billion in 2021 and is projected to grow from USD 82.17 billion in 2022 to USD 502.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.9% during the forecast period (2022 - 2032).
Market Scope:
High-quality network services and cutting-edge technology could greatly enhance and democratize healthcare delivery. The use of telemedicine has the potential to streamline access to preventative treatment while also enhancing long-term health. Those who cannot afford high-quality medical care or live in remote areas would benefit more from this. Thus, telehealth has the ability to enhance healthcare delivery in terms of both quantity and quality.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 502.2 billion |
| CAGR | 18.0% |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, Type, Deployment and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing demand for efficient health care services |
| Rising number of chronic illnesses across the globe |
Telemedicine Market Competitive Dynamics:
Key Companies in the Telemedicine market includes
- Koninklijke Philips N.V. (Netherlands)
- Medtronic (Ireland)
- GE Healthcare (US)
- Siemens Healthineers (Germany)
- Oracle (US)
- Cisco Systems (US)
- Teladoc Health (US)
- Asahi Kasei Corporation (Japan)
- American Well (US)
- MDLIVE (US)
- AMC Health (US)
- Doctor on Demand (US)
- Iron Bow Technologies (US)
- Medvivo (UK)
Telemedicine Market Trends:
Market Drivers
Advances in areas like machine learning, AI, the IoT, virtual hospitals, and telehealth apps have led to a dramatic uptick in the use of telemedicine. Machine learning algorithm-based apps can aid in the detection of cancer, COVID-19, uncommon disorders, and more. Teleconsultations and other digital technologies can be helpful in solving this problem. Telehealth services not only save money but also free up doctors' time. Because of this, government agencies are placing a greater emphasis on the implementation of digital health technologies, which bodes well for the expansion of the industry. Electronic Health Record (EHR)/Electronic Medical Record (EMR) use and the rising prevalence of chronic diseases like cardiovascular disease worldwide are two major factors fueling the industry.
Market Restraints
Adoption of the service may be stymied by a lack of necessary technology and infrastructure in middle- and low-income countries. In many third world nations, access to modern communication tools, fast internet with ample bandwidth, and sufficient storage space for the integration and transmission of medical data remains a barrier to the widespread use of digital health technologies. In addition, the high cost of installation and the shortage of trained healthcare personnel are limiting the expansion of the market.
COVID-19 Analysis:
To lessen the strain on hospitals during the COVID-19 pandemic, telemedicine use increased. With more people needing medical care at once, hospitals are struggling to cope. The number of patients visiting hospitals and clinics has also dropped because of the delay and cancellation of elective surgery and appointments. As a result, there is an immediate need for doctors to start using telemedicine to keep in touch with their patients.
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Telemedicine Market Segmentation:
By Component
Telehealth software, medical peripheral devices, videoconferencing equipment, and others are becoming increasingly popular for remote patient assessment and treatment, making the products segment the largest in 2021. The market is expanding because of the rising popularity of wirelessly connected, digitally sophisticated medical devices that are integrated with mobile phones.
By Type
In 2021, the tele-radiology industry was by far the most lucrative. This is because of the growing need for remote diagnostic imaging, the scarcity of qualified radiologists, and the increased urgency and precision of reporting. By allowing medical personnel to remotely manage and transmit patient data, teleradiology helps lighten their workload. Moreover, expanding use of cloud-based systems is a direct result of ongoing developments in teleradiology.
By Deployment
In 2021, cloud-based services were the industry standard. This is because the solution is inexpensive, patient records can be accessed from anywhere with an internet connection, and there is less of a need for regular upkeep.
By End-User
The rising use of telemedicine solutions in healthcare facilities and the increased use of telehealth services led to the hospitals and clinics segment holding the largest segment in 2021. Due to the rise of the elderly population and the popularity of telemonitoring, the home care industry is also expected to expand significantly over the next few years.
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Telemedicine Market Regional Analysis:
Because of factors such as rising digitization, rising use of telemedicine solutions, the presence of significant companies, and modern healthcare facilities, the North American market for telemedicine accounts for the biggest market share. The participation of major players such as the United States' MDlive, Inc., Teladoc Health, Inc., American Well Corp., and others from the United States. The North American telemedicine market was the largest and fastest-growing in the United States. In addition, Canada's stake of the North American telemedicine market was relatively large.
The telemedicine industry is projected to expand significantly in the Asia-Pacific region. This is because there is a vast patient pool and a high demand for healthcare services, as well as the widespread availability of the internet. A growth in the prevalence of overweight individuals, as well as the prevalence of sedentary lifestyles and high levels of personal disposable income. In addition, India's telemedicine market was the largest and fastest-growing in all of Asia and the Pacific. For instance, the government of India provides its citizens with eSanjeevani, a free telemedicine service. China also dominated the telemedicine market in Asia and the Pacific.
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Remote Patient Monitoring Market Research Report Information By Type (Devices and Services), By Application (Cancer, Cardiovascular Diseases, and Diabetes), By End-User (Payers, Providers, and Patients), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.
Teleradiology Market Research Report Information by Products and Services (Teleradiology Services, Software), by Imaging Technique (Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound, X-ray, Mammography, Nuclear Imaging, Fluoroscopy), by End User (Hospitals and Clinics, Ambulatory Imaging Centers, Radiology Clinics, others), by Region (North America, Europe, Asia-Pacific, and Rest of the World) - Forecast till 2030
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